AngloGold Ashanti (NYSE: AU) has fully restored its domestic gold processing capabilities in Brazil, successfully reactivating the second plant at its Queiroz industrial complex and ending the need to export any gold concentrate from its local mines.
The company announced the restart on Tuesday at the Exposibram 2026 mining conference in Belo Horizonte. With an investment of approximately R$105 million (around $19 million) this year, the second plant is now operational, bringing the Queiroz complex back to its full installed capacity of 280,000 metric tons of gold concentrate per year.
A Strategic Return to Vertical Integration
The Queiroz complex, located in Nova Lima within Minas Gerais state, is the only facility in Brazil that integrates the entire gold production chain—from ore processing to smelting and refining into gold bars. The restart allows AngloGold to once again process 100% of the concentrate from its Brazilian operations domestically.
Both plants were shut down in 2022, primarily for adjustments related to liquid waste treatment and tailings dam reinforcement. The company had previously resumed operations at Plant 1 in 2024 following an investment of about R$25 million. During the partial shutdown, only the casting and refining operations remained active, forcing the company to sell some concentrate on the market while only one plant was operational.
“Vertical integration of our business was the main reason for the resumption,” Luis Lima, President of AngloGold Ashanti Latin America, told journalists at the event. “With this, we are able to produce 100% of our concentrate within Nova Lima”.
Beyond Gold: Sulfuric Acid Production
The Queiroz complex also produces sulfuric acid as a co-product, with an annual output capacity of approximately 240,000 tons. The acid is produced by reusing sulfur dioxide (SO2) released during the gold extraction process and is sold to various industrial sectors, including fertilizers, pulp and paper, steel, mining, and water treatment.
Lima noted that while gold prices are at historically high levels, the company bases its investment decisions on long-term scenarios and operational efficiency gains rather than short-term market fluctuations.
A Long History in Brazil
AngloGold Ashanti—which has operated in Brazil for 192 years, making it the country’s longest-running industry—is a major gold producer. In 2025, the company produced 3.1 million ounces of gold globally, with Latin American operations (Brazil and Argentina) contributing 505,000 ounces, of which 326,000 came from Brazilian operations.
The company currently operates two underground mines in Minas Gerais: Cuiabá, in Nova Lima, and Lamego, in Sabará. In 2025, Brazilian production totaled 275,000 ounces. With the Queiroz complex now at full capacity, the company anticipates production of 300,000 to 310,000 ounces, depending on ore grades.
Looking Ahead: Mine Life Extension and New Restarts
Lima also shared updates on the Cuiabá mine, Latin America’s largest underground operation. Following the rediscovery of the Viana mineralized body, the company is reassessing the mine’s geological model. “We already have drill holes reaching level 32. We’re talking about a mine life expectancy for Cuiabá until 2050, 2055,” Lima said.
Additionally, the company expects to resume operations at the Córrego do Sítio (CDS) mine in Santa Bárbara as early as next year, pending regulatory approvals. The CDS mine was halted in August 2023 due to negative operational results.
